Treasurer refuses to rule out changes to low income tax offset for child trust beneficiaries

28 Apr 2011

In a press conference held in Canberra on 27 April 2011, the Treasurer, Wayne Swan, said he would not comment on press speculation that changes would be announced in the Budget in relation to the availability of the the low income tax offset for children who are beneficiaries of family trusts.

When referred to the recent comment by the Assistant Treasurer, Bill Shorten, that trusts were legitimate, and not a form of tax evasion, the Treasurer said:

"Far be it for me to try and interpret the story this morning, but the story this morning isn't a story about trusts and engaging in appropriate behaviour. It is actually a story about the use of a low income tax offset by people who are using trusts and there is a very big distinction between the two and there is no conflict with what I'm saying with what Bill Shorten had to say at all."

For a copy of the transcript of the Treasurer's press conference, go here